我国上市公司董事会结构对R&D投入的影响

以2004～2007年披露R&D投入的790个上市公司为样本观察值,构建了多元线性回归模型,研究上市公司的董事会结构与R&D投入的关系.结果表明:研发投入与董事会素质正相关,董事会素质越高,R&D投入越大;当执行董事的比例在1/10～1/3时,或当董事长与总经理两职分任时,独立董事比例越高,越会弱化执行董事之间在R&D战略决策及监督管理层执行R&D活动的知识协同效应,导致R&D投入越小;具有研发、设计和营销等职业背景的董事长和第2影响力董事,往往从企业长远利益出发,其越年轻越倾向于增加R&D投入;董事长与总经理两职分任,会降低R&D投入.

An Empirical Study of Board Composition and R&D Expenditure from Chinese Listed Firms

With the data of 790 Chinese listed firms, this paper investigates the relationship between board composition and R&D expenditure. The result shows that board's quality is positive to R&D expenditure. Within the executive directors' proportion from 1/10 to 1/3, or with the opposition of CEO duality, more independent directors result in negative effect on the synergy of R&D decisions or supervising R&D implementation by executive directors, which is inclined to reduce R&D expenditure. For long-term benefit of their firms, more young chairmen of the boards and the second influence director, whose professional background is R&D, product design and marketing, trend to increase more R&D expenditure. The opposition of CEO duality also lowers R&D expenditure.